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Current and deferred tax computation software compliant with accounting and disclosure requirements of IAS 12 / Ind AS 12 / AS 22

Income Taxes

Current and deferred tax computation software compliant with accounting and disclosure requirements of IAS 12 / Ind AS 12 / AS 22

Income Taxes

About

Current Tax and Deferred Tax

The accounting standards IAS 12 / Ind AS 12 / AS 22 – Income taxes require entities to recognize current and deferred tax and present certain disclosures in their financial statements.

Current tax is the income tax payable/recoverable in respect of the current period’s taxable profit/loss. Deferred tax is the income tax payable/recoverable in respect of future periods.

At a broad level, the
accounting standard
requires entities to :

Determine the tax base of assets/liabilities
Identify temporary differences
Determine if an exemption applies
Measure deferred taxes using enacted
or substantively enacted tax rates
Recognize deferred taxes
Present disclosures

DTAX automates current and deferred tax accounting and its corresponding disclosures required as per IAS 12 / Ind AS 12 / AS 22 – Income Taxes. Most importantly, effective tax rate reconciliation is completely automated by DTAX 

Current Challenges

Currently, entities devote a significant amount of time and effort to current and deferred tax computation using spreadsheets. These entities face numerous challenges during this process in the absence of a robust and automated solution.

DTAX helps to overcome these challenges by streamlining the entire process of current and deferred tax calculations and disclosures in compliance with IFRS / Ind AS / AS.

Rotation

DTAX Workflow

DTAX simplifies the entire current tax and deferred tax calculation process by following a 5-STEP model.

Create an entity, define
GAAP and update masters

Enter opening balances
(one time activity)

Enter current tax adjustments
and compute current tax

Enter accounting base
and compute deferred tax

Download journal entries
and disclosures

Create an entity, define
GAAP and update masters

Enter opening balances
(one time activity)

Enter current tax adjustments
and compute current tax

Enter accounting base
and compute deferred tax

Download journal entries
and disclosures

To experience the benefits of DTAX and see the amount of time you can save, do sign up for a free demo

Why

To streamline your process of current and deferred tax calculations and overcome challenges in the same, you have reached the right place – as DTAX comes loaded with key features like:

png interest

Automated effective tax
rate reconciliation

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Pre-populated tax
adjustment

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Tracking c/f losses, MAT credit
and unrecognized DTA

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Automated deferred
tax calculation

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Provides journal entries,
calculations and disclosure reports

checker

Maker-checker in-built feature
to ensure accuracy

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